Stocks staged a Fed-day post St. Patty’s Day hungover tantrum Wednesday, as investors discovered that “higher for longer” still means exactly what it sounds like.
Indexes and Rates
The Dow industrials fell sharply, at one point flirting with a 700‑plus point slide, as traders dumped cyclicals and crowded exits in rate‑sensitive corners of the market. The S&P 500 and Nasdaq also retreated, giving back a chunk of this week’s tentative rebound as the post‑PPI wobble turned into a full‑blown re‑pricing of the Fed’s patience. Treasury yields pushed higher along the curve, underscoring that the market heard fewer cuts, not soothing coos, in Wednesday’s message from Constitution Avenue.
The Fed’s Message
The Federal Reserve left its policy rate unchanged in a target range around 3.5% to 3.75%, but it was the fine print that did the damage. Updated projections penciled in only about one rate cut this year as officials nudged inflation forecasts higher, even as they kept unemployment estimates near 4.4%, an awkward mix for anyone still rooting for a painless soft landing. Chair Jerome Powell declined to knight the current mix of firm prices and solid growth as “stagflation,” but he spent plenty of time describing its less lovable cousins, making it clear the bar for easing has crept higher.
Inflation, Oil and Geopolitics
A hotter‑than‑expected producer‑price print on Tuesday had already softened the market’s knees heading into the meeting, and the Fed did little to talk traders off the ledge. Policymakers highlighted the recent oil shock, driven by the conflict with Iran and renewed jitters in the Strait of Hormuz, as a force that could both sap demand and goose headline inflation. Powell noted that as a net energy exporter the U.S. might claw back some of that pain through higher energy profits, a reminder that in 2026, the line between macro risk and oil‑stock bonus is thinner than many strategists care to admit. Crude Oil closed at $98.80/bbl up 3.51% today as the war raged on.
Sector Moves
Energy shares once again played the awkward role of portfolio ballast, with rising crude prices cushioning the blow even as they reinforced the Fed’s inflation worries. Growth and long‑duration tech names, which had been inching higher earlier in the week, lost altitude as higher yields took another bite out of valuation math that had already been stress‑tested by AI enthusiasm. Financials were mixed, with banks enjoying the prospect of fatter net interest margins while their investment‑banking cousins contemplated what a stickier rate backdrop might mean for deal dreams penciled in at lower discount rates.
The Mood on Wall Street
By the closing bell, the mood on trading floors felt less like panic and more like a reluctant syllabus change: same class, tougher grading curve. Volatility indicators stayed elevated, reflecting a market that now expects larger‑than‑normal daily swings as it digests every inflation print and oil headline for clues on whether that lone penciled‑in cut survives the summer. The markets “fear guage’ the CBOE Volatility Index (^VIX) popped to $24.66, +10.24% today. For now, investors are relearning an old lesson: when the Fed says it’s “data dependent” in an environment of hot prices and expensive energy, it usually means the data, not the shareholders, get the benefit of the doubt.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Eupraxia Pharmaceuticals (EPRX, $7.51)
Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (March 17) positive symptom data from patients in the two highest dose cohorts from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). “We are very pleased to see such a meaningful symptom response at 24 weeks in the highest dose of the Phase 1b/2a portion of the RESOLVE study,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “We believe this type of response based on a single administration procedure would represent a compellingly different option for EoE patients. Importantly, the response that we are observing across cohorts 4-9 has increased as patients progress through the study through to week 24. We believe this demonstrates the importance of stable, continuous long-term local steroids in tamping down signs of inflammation quickly and acting on fibrosis in the longer term. Also, as previously reported, we continue to be encouraged by the safety profile that we have observed with EP-104GI. Currently, with 31 patients dosed in the Phase 1b/2a study, and over 220 months of follow up, there have been no reported serious adverse events.”
Modular Medical (MODD $.2168)
- Modular Medical recently priced a public offering of 68,098,000 shares of common stock (or pre-funded warrants) alongside warrants to buy an equivalent number of shares, targeting gross proceeds of about 12 million dollars before fees. The combined public offering price of roughly 17.62 cents per share and accompanying warrant comes at a premium to the prevailing market, a rare feat in a sector where financings often resemble clearance sales rather than premium shelf space.
- Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
GeoVax Labs (GOVX, $1.42)
- GeoVax announced (Feb. 24) the formation of its Oncology Advisory Board with the appointment of three internationally recognized leaders in immuno-oncology, translational medicine, and clinical development. This Advisory Board will play a central role in guiding the scientific, translational, and clinical advancement of GeoVax’s oncology program, focused primarily on Gedeptin(R), the company’s gene-directed enzyme prodrug therapeutic (GDEPT). GeoVax plans to conduct a Phase 2 trial with Gedeptin in the neoadjuvant setting, pairing it with an immune checkpoint inhibitor (ICI) in locally advanced head and neck squamous cell carcinoma. In parallel, it will be evaluating combination Gedeptin + ICI strategies across additional solid tumor indications.
- GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
- On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
- Shares can gap sharply on any trial or regulatory update, positive or negative.
The InterGroup Corporation (INTG, $37.51)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato Group, Inc. today announced that it has entered into an amendment to its Aircraft Management Services Agreement with flyExclusive, Inc. (“FLYX”) providing for the sale of certain legacy intellectual property assets. The agreement provides for consideration valued at approximately $1.3 million, payable in FLYX Class A common stock, subject to customary conditions. The assets relate to legacy intellectual property developed during earlier stages of the Company’s technology initiatives and are not part of Volato’s current operating platforms. Volato continues to evaluate opportunities to streamline its asset base and focus resources on strategic priorities, including the continued development of its core software platforms and the pending business combination with M2i Global, Inc.
- Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
NVIDIA (NVDA, $180.40) (NOK, $8.36)
- In an AI market obsessed with GPUs and stardust, Nokia (NOK) is quietly reminding investors that none of this magic moves without serious plumbing. While Nvidia (NVDA) prepares to headline its GTC 2026 “Woodstock of AI” showcase, the chip giant has already written a very real check to Nokia, committing a $1 billion investment to help rewire the world’s networks for 5G‑Advanced, 6G, and AI‑native workloads. The message is simple enough: GPUs may be the new rock stars, but networking is the stadium.
- Nvidia delivered strong fourth-quarter results recently, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.
- NVIDIA and Nebius Group N.V. (NASDAQ: NBIS) (March 11) announced a strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI market, from AI natives to enterprises. NVIDIA will invest $2 billion in Nebius.
McDonald’s (MCD, $315.73)
- In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.
Opendoor (OPEN, $5.28)
- Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
- Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
lululemon athletica inc. (LULU, $165.39, +3.84%)
lululemon athletica inc. announced (MARCH 17) the appointment of Chip Bergh, former President and Chief Executive Officer of Levi Strauss & Co., to its Board of Directors, effective immediately. With this addition, lululemon has added five new independent directors to the Board in the last five years, reflecting the Board’s commitment to ongoing refreshment.
Heartflow, Inc. (HTFL, $25.47, +13.10%)
Heartflow, Inc. (HTFL), the leader in AI technology for coronary artery disease (CAD), today reported financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Highlights included:
- Total revenue of $49.1 million, a 40% increase year-over-year
- Gross margin of 79.5%, non-GAAP gross margin of 79.9%
- Net operating loss of $17.8 million, non-GAAP net operating loss of $12.5 million
- U.S. installed base of 1,465 accounts as of December 31, 2025
- U.S. Plaque installed base of 489 accounts as of December 31, 2025
- Aetna began coverage of Heartflow Plaque Analysis, bringing total U.S. covered lives for Plaque to approximately 75%
The Sources
- Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq fall after PPI inflation …”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-rise-with-fed-decision-on-deck-225450963.html[finance.yahoo] - (User-provided Yahoo Finance Fed-day recap link – original live blog you referenced)
https://finance.yahoo.com/news/live/stock-market-today-dow-sinks-750-points-sp-500-nasdaq-slide-after-fed-decision-as-powell-touts-inflation-worries-200050703.html[finance.yahoo] - Investopedia – “Stock Market Today: Major Indexes Retreat Ahead of Fed Rate Decision; Inflation Data Lands Hot, Oil Prices Rise; Dow Sheds 450 Points”
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-03182026-11928689[investopedia] - CNBC – “Fed meeting today: Live updates”
https://www.cnbc.com/2026/03/18/fed-meeting-today-live-updates.html[cnbc] - Axios – “Fed keeps rates on hold, signals one rate cut as Iran war stokes …”
https://www.axios.com/2026/03/18/fed-powell-interest-rate[axios] - The New York Times – “Live Updates: Federal Reserve Leaves Interest Rates Unchanged”
https://www.nytimes.com/live/2026/03/18/business/federal-reserve-interest-rates[nytimes]
